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Walter A Simson
Interim CEO, CFO, Turnaround
Interim assignments work best when there is a clear mission. And interim executives have a unique challenge: to get control quickly, and through formal meetings and reports, demonstrate control of the company and progress in the mission.
I am fortunate to have had the experience of a number of successful interim assignments, which has afforded the professional and personal relationships that make it all worthwhile.
I was a lending officer and workout specialist at Chase Bank in New York when my family asked for some help with the family printing business. I took it over and turned it around over a three year period, and then returned to the bank for a few years. I now spend most of my time in the Midwest–very different from the international career I had devised in college, where I loved language study.
I have since pursued a career of professional management, typically in troubled businesses, where personal referrals make all the difference. My practice is dedicated to strategic repositioning, not to cost-cutting.
While I am very happy to take on an interim assignment, I find that a consulting-style assessment is frequently a good place to start. And, while many of my clients suggest that they KNOW that management needs replacing, often during this initial step we will find that strategic issues and management support will bring dramatic change. In other words, CEO support makes the CEO more valuable. It turns out that just as a new face intervening between a company and a bank will relieve the fatigue and acrimony that both parties feel, so it is sometimes between a manager and the board, family, PE firm or whatever.
Interim assignments work best when there is a clear mission. And interim executives have a unique challenge: to get control quickly, and through formal meetings and reports, demonstrate control of the company and progress in the mission.
I am fortunate to have had the experience of a number of successful interim assignments, which has afforded the professional and personal relationships that make it all worthwhile.
www.ventorllc.com
SELECT INTERIM EXPERIENCE
Company Stage Focus: Startup, Late Stage Venture Funded, Private Equity Backed, Turnaround/Distressed, Public, Private, Family Owned, Bankruptcy
Interim CFO
For private equity firms, took over financial functions of a $200+ international manufacturing company just after they invested $100 million. Delivered budgets, costing, cash management and problem free Big-Four audit in 6 months. Negotiated and administered new $40 million ABL facility.
Interim CFO
For a family-owned marketing services firm, delivered a turnaround plan and showed conclusions in departmental budgets. Took on day to day accounting, with processes, procedures and cost-saving moves in both. Remained a trusted advisor on advisory Board.
Chief Restructuring Officer
For a nationwide retail chain, took over as CRO in ch 11. Negotiated leases, delivered turnaround plan and helped company emerge from bankruptcy under original ownership.
Interim COO
For a manufacturer of high-tech electronics, acted as interim COO, eliminating 30 day manufacturing backlog and implementing ERP system. Company later recruited me as full-time CFO, and continued dramatic growth in sales and profits.
Interim CFO
For a biotech startup, acted as CFO, raised follow-on round and corporate development funds funds, recruited board, and mentored CEO through NYSE minority investor. Relationship of over 5 years.
ACCOMPLISHMENTS
• Successful reorganization and sale of 107-store automotive retail chain in Ch. 11
• As Interim CEO, took major midwest Restaurant chain out of receivership and on profitable growth path
• For a biotech startup, acted as CFO, raised follow-on round and corporate development funds funds, recruited board, and mentored CEO through NYSE minority investor. Relationship of over 5 years.
• For a manufacturer of high-tech electronics, acted as interim COO, eliminating 30 day manufacturing backlog and implementing ERP system. Company later recruited me as full-time CFO, and continued dramatic growth in sales and profits.
• For a specialty distributor, revamped strategic product acquisition, worldwide distribution channels and USA-based direct marketing channel. Company later sold to NASDAQ-listed acquirer for substantial premium.
CREDENTIALS/EDUCATION
• Certified Turnaround Professional
• BA-Columbia University
• MBA-New York University
Years Executive Experience: (30+)
# of Interim Roles: (10+)
# of Board Roles: (5)
Company Size: ($5.1M-$500M)
SPECIALTIES:
• Board Advisory
• Turnaround: Crisis Management, Distress, Bankruptcy
• Mergers & Acquisitions
• Building a management team
• International Business
• B2B Marketing
• General Management-Family Run Business
• Corporate Governance
• Corporate Finance
• Budget, Cost & Internal Controls
• Debt and Refinancing
• Operations: Cost, Distribution, ERP
• Planning/Modeling/Execution
• Process Improvement
INDUSTRY EXPERIENCE
• Animal Health
• Apparel/Fashion
• Engineering
• Automotive
• Exit Planning
• Food Service
• Banking
• Catalogs and direct marketing
• Dealerships – Car, Truck, Equipment
• Manufacturing
• Biotechnology
• Restaurant and Hospitality
• Turnaround
• Wholesale/Distributors
• Chemicals
• Consumer Electronics
• Crisis Management
• Electronics
• Graphic Arts
• Healthcare
• Insurance
• International Business Development
• Leisure
• Life Sciences
• Luxury Goods
• Management Consulting
• Medical Devices
• Metals
• New Product Development
• Non-Profit Organizations
• Oil and Gas
• Packaging and Supply Chain
• Private Equity and Venture Capital
• Retail
• Security Products and Services
• Software Development/AI